Thanks to advances in health care and general well-being, Americans are living longer than ever. In fact, there are 11 states with more than a million people over the age of 65¹. And once people reach 65, men can expect to live another 19.3 years and women can expect to live another 21.6 years².

Many older Americans dream of a relaxed retirement, spent travelling or visiting family or taking up a long-deferred hobby. But unfortunately, many aren’t able to do this because they haven’t been able to save enough for the increasing financial demands of retirement.

So instead of relaxing retirements, many older Americans are continuing to work. In fact, in a recent study 28.1 percent of Americans aged 60 and above said that their retirement plan was to “keep working as long as possible.”³

It is important to begin financial planning as soon as possible to ensure that you have a steady income that allows you to have the retirement you always dreamed of.  As you consider plans for ensuring a steady retirement income, one option to consider is a Fixed Index Annuity (FIA), an insurance product that pays you income, as part of a balanced portfolio and offers nest egg protection from market volatility.

An FIA will provide income options providing retirement income you can depend on for life. Unlike having funds in a retirement account such as a workplace 401(k) or an Individual Retirement Account (IRA), an FIA, with optional riders, can guarantee to give you an income stream that will last for your entire life.

To learn more about FIAs, be sure to watch this video: What Is a Fixed Indexed Annuity?

For more information on the data in this post, visit ¹National Institute on Aging, ²US Social Security Administration, and the ³Board of Governors of the Federal Reserve.